Probate fee increases delayed by Brexit
- AuthorKatie Hayden
New probate fees to obtain a Grant of Probate, which were expected to come into effect on 1 April, have now been delayed indefinitely.
The delay has been attributed to ‘pressure on Parliamentary time’ resulting from the Brexit debate.
The proposed probate fees are as follows:
|Value of estate (before Inheritance Tax)||Proposed fee payable|
|Up to £50,000 or exempt from requiring a Grant of Probate||£0|
|£50,000 - £300,000||£250|
|£300,001 - £500,000||£750|
|£500,001 - £1 million||£2,500|
|£1 million - £1.6 million||£4,000|
|£1.6 million - £2 million||£5,000|
|Over £2 million||£6,000|
It has been confirmed that estates will not incur the higher fees if applications are made before the fee changes take effect. But before they do, the new fees order will be made after and subject to an approval motion in the House of Commons. The increase in fees will come into force 21 days after the order is made, however no date has been fixed for a Parliamentary motion.
Despite the delay, we would recommend that if you have recently lost a loved one, that you do not delay this process. If you require any assistance, then please do not hesitate to contact any member of our Wills, Trusts and Probate team.